Letters: What was really missed were accomplishments

Posted: April 19, 2011

I want to set the record straight regarding Wednesday's article "Developer delays payment." The headline was misleading, ignored the facts, and made it appear that my company, Dranoff Properties, is either deficient or delinquent in fulfilling its obligation to repay a loan from the Delaware River Port Authority. Nothing could be further from the truth.

I have never missed a single payment nor been in default on any loan in our entire portfolio. This is why, even during the current recession, we have remained creditworthy and have been able to start and complete new projects. The article's headline would have you believe otherwise.

I have been a real-estate developer in Philadelphia for more than 30 years. I pride myself on my record of creating new neighborhoods and beautiful buildings that people are proud to call home. In 2002, when everyone else was just talking about revitalizing Camden, I actually stepped up with $65 million and transformed a hulking, abandoned, boarded-up building on the waterfront into a shining example of what Camden could become.

In reconstructing the Nipper building into the Victor, a luxury apartment building with the finest amenities, I deliberately set the bar high. Today, the Victor has residents from more than 12 states and is the home of choice for many professionals, including legal and medical practitioners from the surrounding area. It is more than 90 percent occupied. My next Camden project, Radio Lofts, an 86-unit condo development adjacent to the Victor, will continue my dream of transforming the waterfront. Eventually we will construct 1,500 additional units, fulfilling our vision to create one of the most vibrant waterfronts in America.

Transforming buildings and neighborhoods is not always easy and often is challenging, but, for us, it is a never-ending passion. We wish The Inquirer would accurately portray these accomplishments.